From left: 17 West 24th Street (source: PropertyShark), 325 Fifth Avenue, 15 Broad Street, 230 East 53rd Street (source: PropertyShark) and 247 West 46th Street (source: PropertyShark)

Bid on the City will auction off five Manhattan properties each worth at least $1 million May 31, and all a bidder needs is $1 to get in on the action. The Manhattan-based real estate trading platform will hold the bidding in its Time Square office for properties including a 7,800-square-foot commercial space at 17 West 24th Street with an original asking price of $9 million and a three-bedroom condominium at 325 Fifth Avenue originally listed for $3 million. The other properties are a $5 million commercial space at 230 East 53rd Street, and condo units at 15 Broad Street and 247 West 46th Street. Bid on the City previously held a $1 auction last February and most of the properties garnered final bids of less than half of the original asking price. TRD… [more]

From left: 247 W. 46th Street, comedian Rosie O’Donnell, rapper Pras, Marketing Directors’ Adrienne Albert

After nearly four years on the market, the 220-unit Platinum condominium is sold out.

The last five units in the Times Square tower, designed by Costas Kondylis, went into contract in March, according to the Marketing Directors, the sales agent for the building.

Units in the 43-story building sold for an average of $1,350 per square foot, said Allen Goldman, president of SJP Residential Properties, the project’s developer.

It’s been a long road for Platinum, located at 247 West 46th Street at Eighth Avenue. … [more]

From left, Pras Michel, SJP CEO Steven Pozycki and 247 West 46th Street (building photo: CityRealty)

Hip-hopper Pras Michel, of the Fugees fame, wants out of his $2.46 million contract at the Platinum condominium in Midtown West. The rapper, who bought the two-bedroom unit at 247 West 46th Street with the intention of flipping it, told the Post that he was promised 12-foot ceilings but wound up with nine-foot ceilings. “Obviously, the value changes dramatically,” he said. Pras is suing SJP Residential Properties, which says the suit has no merit, for the return of his $369,000 deposit. [Post, 5th item]

… [more]

From left, Pras Michel, SJP CEO Steven Pozycki and 247 West 46th Street (building photo: CityRealty)

Hip-hopper Pras Michel, of the Fugees fame, wants out of his $2.46 million contract at the Platinum condominium in Midtown West. The rapper, who bought the two-bedroom unit at 247 West 46th Street with the intention of flipping it, told the Post that he was promised 12-foot ceilings but wound up with nine-foot ceilings. “Obviously, the value changes dramatically,” he said. Pras is suing SJP Residential Properties, which says the suit has no merit, for the return of his $369,000 deposit. [Post, 5th item]

… [more]

From the October issue: Zhann Jochinke, an associate broker at Argo Residential, put an alcove
studio on the market last year for $525,000. But the offers that came
in were as low as $390,000. “People were putting bids out there just to
see if the person had to sell,” he recalled. More recently, however, he
convinced the seller to drop the price to around $490,000. Offers began
coming in at “5 percent or less off the asking price,” he
said. Now, the listing is in contract, and expected to close in the
next month. After months of uncertainty, Manhattan buyers and sellers
are finally
making a market.